CJPY, issued by the Yamato Protocol smart contracts under the governance of YMT tokenholders, is a crypto-collateralized stablecoin soft-pegged to the Japanese Yen (JPY) at a ratio of 1 CJPY to 1 JPY. [S1][S2]

Holders receive a stablecoin tracking the Japanese Yen (JPY), minted when users deposit native ETH into a per-address Pledge and borrow against it subject to a minimum 130% collateral ratio. [S2][S3] CJPY pays no yield. [S2] The peg is maintained by arbitrage and onchain redemption incentives. [S2] Minting incurs a one-time issuance fee varying with the post-borrow health ratio, from 4% at 130% to 0.1% at 500% and above, subtracted up front, with no ongoing interest. [S4][S3]

No incorporated corporate entity issues CJPY; the protocol is built and maintained by the DeFiGeek Community Japan open-source community with an anonymous development team, and changes are controlled by the Yamato DAO through the YMT governance token. [S1][S5] The Dapp is not under the protection of any jurisdiction or country and functions autonomously with no entity holding control or warranty. [S5] Access is permissionless and non-custodial, with no KYC, AML, or registration. [S4] The holder's claim is the protocol guarantee that 1 CJPY redeems against collateral equivalent to 1 JPY, enforced by smart contracts; redemption is onchain and permissionless, targeting Pledges below the 130% ratio from lowest collateral upward. [S2][S3][S4]

CJPY is an ERC-20 token deployed on Ethereum Mainnet, with a Sepolia testnet for testing. [S4][S6] Minting deposits ETH into a Pledge and borrows CJPY; settlement is onchain and effectively immediate per Ethereum block confirmation. [S4] Pricing uses Chainlink ETH/USD and USD/JPY feeds. [S4] Collateral is held in smart contracts under user control with no custodian. [S1]

<Sources
  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://docs.yamato.fi/en/readme.md" },
    { id: "S2", url: "https://docs.yamato.fi/en" },
    { id: "S3", url: "https://docs.yamato.fi/en/features.md" },
    { id: "S4", url: "https://docs.yamato.fi/en/faq.md" },
    { id: "S5", url: "https://docs.yamato.fi/en/readme/disclaimer.md" },
    { id: "S6", url: "https://docs.yamato.fi/en/roadmap.md" },
  ]}
/>


Stablecoins

Users deposit ETH as collateral to mint CJPY. The protocol uses over-collateralization to maintain the JPY peg.

Yamato Protocol issues CJPY, a crypto-backed stablecoin pegged to the Japanese Yen.

Yamato Protocol is developed by DeFiGeek Community Japan, a Japanese DAO.

website

twitter

Stablecoin issuers

Yamato Protocol

Yamato Protocol CJPY (CJPY) is a Japanese Yen stablecoin issued by Yamato Protocol.

CJPY has been issued on Ethereum as an ERC-20 token since July 2023.

Yamato Protocol CJPYCJPY

All metrics